11 th AUGUST 2018 The Daily India International Jewellery Show IIJS: New Ideas, New Edge 35th edition of India International T he Jewellery Show flaunts the country s design strengths and caters to varied tastes across the domestic and global markets. The ever-alert manufacturers acknowledge the changing economic scenario and cultural trends and present collections that match the aesthetics of a modern woman. Walking across the spacious aisles and browsing through the decked up booths, one gets a quick overview of what s new at the show. In general, exhibitors are showcasing an interesting interplay of textures in nearly all diamond-set gold jewellery. Pink or rose gold jewellery is trending heavily, with a smattering of diamonds and textural play. Surat-based Sphere, a debutant at IIJS, has displayed some dainty and youthful rose gold trinkets that have a silken satin finish and a garnishing of VVS, FG colour diamonds. Diamond jewellery in prêt wear is seeing a sweep of floral and geometric motifs in a multitude of rings, earrings and slim bracelets. Lightweight jewellery under Rs.2 lakh is moving fast. Fancy-cut diamonds complemented with coloured gemstones are also hugely popular at the show. (continued on page 2) Jaipur Jewels www.spentamultimedia.com DAY
BRAND WATCH Designer Creations K anakratna, an importer of 18-karat exclusive yellow and rose gold jewellery from Italy, Turkey and UAE presents eye-catching collections that are a hit with contemporary women. The Bell earrings are enriched with diamond-cut finish, while the elegant bangle features a bouquet of florets. The statement butterfly ring is available in yellow, white and rose gold, and not to be left behind is the men s kada (wrist wear) collection in dual-toned gold. Alluring Fare N ora (Dhanraj Bangles), Mumbai, has nearly seven decades of experience in the field of jewellery making, pledging commitment to excellence and great creations. This time, at IIJS, they present a fanciful collection of bangles and broad openwork bracelets that bear floral motifs, rawa work, and more to heighten the beauty of the wristwear. Nora, meaning light, helps you shine on every occasion. Perennial Favourites M yra, The Diamond Studio completes its 15th year at IIJS and to celebrate the milestone, it has come up with tasteful designs in fancy-shaped diamonds. The Rose collection is outfitted with premium quality diamonds set in 18-karat rose gold, and ranges from H50,000 to H200,000. Wear it to work or to a brunch, these jewels will ensure that you will be the centre of attraction. 10
BRAND WATCH Wristy Affair I tan surprises yet again with its one-off range of bangles crafted with 22-karat gold. Decorated with gemstudded motifs, geometric and curvaceous patterns, rough and smooth finishes, fine cut-outs of floral motifs, the broad kadas and manchettes are a testament to the brand s legacy of luxury, superior quality and finish, attention to detail, and novel designs. The visually arresting, aesthetic compositions will help you stand out in a crowd. Style Statement J aipur-based GIE Gold Creations Pvt. Ltd., is renowned for its kundan-meena collections that are bold and trendy. This time, at IIJS, the company introduces a range of jewellery collections where colourful gemstones, either carved or faceted, play a central role. Check out the glorious fan-shaped earrings set with carved rubies and decorated with polkis and pearls; the elegant 18-karat yellow gold necklace decorated with pastel green meenakari; the turban ornament inspired by Mughal architecture; the three-finger, 18-karat yellow gold ring centred on a Russian emerald accented with polkis and pearls; and the statement ring inspired by the traditional wedding mandap decked up with polkis and yellow sapphires. Radiant Jewels F rom prêt to party wear, Valentine Jewellery, Jaipur, caters to every occasion. This year, they just got a little grander in their collections. The Lotus earrings are beautified with pearls, polkis and emerald beads, and the pink meenakari lotuses draw all the attention. The engraved gold chandeliers a hybrid version of a jhumki and a chand bali are composed with pearls, polkis and emeralds. The simple yet graceful necklace and earrings are patterned with diamond blooms dotted with emeralds. 12
EVENTS GSI Hosts Free Jewellery Design Workshops At IIJS G emological Science International (GSI) is hosting a series of introductory jewellery design workshops during the 2018 IIJS Show from Wednesday, August 8th through Monday, August 13th at Booth No. 2C007, 2C009, 2D008 & 2D010. The workshops will cover the basic skills of jewellery design in an easy and interesting manner. For more information, visit www.gemscience.net or call +91-7045757659. SEMINARS - Saturday, 11th August Time: 11am to 12.30pm 2.00pm to 3.15pm 3.30pm - 5.00pm Topic: Understanding the Future Consumers of Jewellery Opportunities in Middle East Human Resource and Training for Growth in Gem & Jewellery Industry Editorial, Design and Printing www.spentamultimedia.com Disclaimer: This publication may not be reproduced, whether in part or in whole, without the written consent of Spenta Multimedia.
COVER STORY Sanskriti Jewels (continued from page 1) Kundan-meena bridal jewellery is going through a renaissance moment. Pastel shades are dominating the motifs of this segment, including sea green, aquamarine, powdery blue and pink, cobalt, and other light shades. Large, statement ear studs embellished with pearls and gemstones, matha pattis (head ornaments) in heavy and light formats are in. Layered necklaces are trending, too. Sanskriti Jewels, has a huge collection of pink coloured jewels, which include pink pearls, pink coral, tourmalines, pink opal and more. Pastel shades are a hit with customers today, says co-owner Karan Garodia. Jaipur Jewels presents a range of Art Deco earrings and brooch-cum-pendants called Gradient that features gradient or ombre baguette-cut emeralds, amethysts, rubies, green and pink tourmalines, peridots and citrine set in gold. It took us six years to get the perfect gradient shades of each gemstone and then calibre cut them to get the desired tapered baguette shape, informs Vaibhav Dhadda, creative head and co-owner of the company. Sphere Jaipur Jewels In gold, fusion formats, a mix of old and new motifs, are coming back. Ace designer Anand Shah presents chandelier earrings weighing from 22 grams to 50 grams peppered with emerald and tourmaline briolettes. His bridal collection with long necklaces is arranged with pearl rows, uncut diamonds, Russian emeralds. Vasupati Jewellers is displaying a range of bridal sets from kundan-meenakari work Anand Shah to grand necklaces that feature gemstones encased with filigreed trimmings. Abdul Rehman Shaikh of Gold Artism, a Mumbai-based gold jewellery brand, unveiled a lightweight collection below Rs.2 lakh, the highlight being kundan-set polkis, diamonds patterned with pressure and invisible settings. There s more to explore at the IIJS Premiere this is just the tip of the iceberg! It was an interesting seminar on day two where panellists debated whether it was necessary to have a formal education before joining the family jewellery business. The speakers included GJEPC past chairman Sanjay Kothari, who emphasised on getting a college degree before taking up the chosen field. Shishir Nevatia of Sunjewels felt that learning was a continual process and one could study and earn at the same time. Vasant Birawat of Chain N Chains joined the family business early in life and learned on the job. They concluded that passion for the chosen profession was the essential driving force to succeed in life. SEMINARS GJEPC NEWS At a seminar on day one, Ashok Bengani, president of Calcutta Gem & Jewellers Welfare Association, Suvankar Sen of Senco Gold, and Varun Arora of Dassault Systemes gave presentations on the importance of taking jewellery design and manufacturing to the next level. They also informed about the upcoming jewellery park in Ankurhati, Howrah, that will generate employment for local artisans. Industry consultant Anil Prabhakar moderated a panel discussion on digital marketing which highlighted the different ways that brands today are incorporating digital marketing techniques for strengthening their reach and generating sales. Among the panellists was influencer and author Malini Agarwal, who unveiled her book #To the Moon: How I Blogged My Way to Bollywood. Some of the other speakers included Jagruti Bansal of Raj Jewels, New Jersey, and Rajiv Popley of Popley Group. GJEPC & Shenzhen Rough Diamond Exchange Sign MoU G JEPC will soon open an office in the Shenzhen Rough Diamond Exchange (SRDE), China, by this year end. GJEPC chairman Pramod Agrawal and SRDE vice president Rong Julius Zheng signed an MoU yesterday for the same. The purpose of the MoU is to enhance the existing cooperation between the Council and Shenzhen to boost trade ties. Around 35 Chinese delegates from 20 companies are visiting the IIJS this year. ADVERTORIAL Couture India 2018 Brings Together 60 Top Brands This September C outure India, the specially curated show that caters to the elite community of jewellery manufacturers, designers and retailers, will return with its third edition from 29th September to 1st October, 2018. Held annually at Taj Diplomatic Enclave, Couture India is the leading forum to connect and discover the latest trends in fine and couture jewellery. Initiated by Indian Jeweller (IJ) magazine, the show strives to elevate the business boutique exhibition experience in a manner that s apt for luxury fine jewellery. Couture India offers an array of 60 top couture jewellery brands of India under one roof and more than 100 hosted buyers across India will be invited to the show. Special 2 networking evenings, knowledge forums and an awards night will be held for its sponsored buyers and exhibitors.
INTERVIEW OF THE DAY Sabyasachi Ray Drop In Bank Finance Will Hit SMEs Badly Sabyasachi Ray GJEPC Executive Director In an exclusive email interview with Solitaire, the Gem & Jewellery Export Promotion Council s executive director, SABYASACHI RAY, shares his views on a range of hot-button topics including shrinking bank finance, the importance of MyKYC Bank, self-regulation, CSR and more. The Indian gem and jewellery industry has attracted some unscrupulous players, whose actions have tarnished the whole sector s reputation, thereby denting consumer confidence in jewellery to some extent. What is GJEPC s strategy for dealing with this critical issue and keeping out unsavoury elements? I think it is wrong to blame the entire industry for the wrongdoings of a few people. The recent incident of fraud, which resulted due to collusion between some players from the sector and an employee of a particular bank branch, could have happened in any industry. One needs to understand that the same happened outside the set rules and regulations of the bank as stipulated and financial instruments were used, which the industry does not use as a practice. However, the Council was quick to react when the issue became public, and took a slew of measures to instil confidence in the bankers servicing the gem and jewellery industry and also implemented systemic changes, which will help bankers to prevent such incidents in the future. The Council released a White Paper during a recent banking summit Diamond & Jewellery Financing attended by the commerce ministry and leading banks and financial institutions like SBI, Central Bank of India, IndusInd Bank, ECGC, etc. The White Paper by the GJEPC had a host of suggestions and measures to bring in more transparency. For instance, it was suggested that the Council will provide critical data on trade at regular intervals, which will help the bankers to better analyse and assess the industry scenario; the Council will organise webinars, conferences, open-house discussions and actively participate through platforms like TED Talk, to give an insight about the trade to all its stakeholders and help in solving trade-related problems pertaining to banking, GST, RBI guidelines, ECGC matters, etc.; the Council will also make it obligatory for all its members to register under MyKYC Bank for better information dissemination of individual companies for the banks. What were the circumstances that prompted the GJEPC to conceptualise MyKYC Bank? How does MyKYC Bank tie in with the Council s objectives for greater transparency and ethical business practices? The compliance requirements on the gems and jewellery sector have been increasing over the last 10-15 years and are being driven by the Financial Action Task Force (FATF) guidelines. The nature of the products makes it susceptible to being used for money laundering purposes. Typically, such persons are not part of the industry but only use the product as a conduit. In India, the Prevention of Money Laundering Act (PMLA) was modified in late 2012 and it brought the industry under its ambit, wherein the industry was expected to carry out due diligence on the lines of banks. That was not practical for the industry, especially as there are quite a few players who are small and mediumscale enterprises. Hence a common platform, i.e. the MyKYC Bank was conceived and created. The platform aims to make the process of KYC sharing and availability seamless, not just in India, but globally, which, in turn, will aid exports from India. This transparency will go a long way in helping the business and encouraging ethical business practices. The stated goal of GJEPC s MyKYC Bank project is to identify genuine companies and their compliance risks. However, MyKYC Bank is limited in its ability to determine a company s transaction risks and credit-worthiness. Is the Council s think tank working towards addressing these two issues? The primary objective of the MyKYC Bank platform is to establish the identity and easy sharing of KYC information among industry participants. It is unique in the fact that only members of trade bodies which have signed up with MyKYC Bank are allowed to register on the platform. All trade bodies coming onto the platform of MyKYC Bank are expected to have a code of conduct in place. The platform is in the process of strengthening its Advisory Council as well as the disciplinary action-taking processes. These ensure that only genuine companies are allowed onto the platform and, in the event of any serious lapses, action can be initiated on the companies using the trade body they are affiliated to. In serious cases, this could mean that the business of the defaulting company is affected. This helps address the genuine company issue and the compliance risk. Though the MyKYC Bank platform has the ability, it currently does not capture any transaction data, and this automatically means that it cannot help in addressing transaction risks or credit risks. The GJEPC is in dialogue with the banks and insurers to discuss various options which are used globally to address some of these issues. Based on the discussions, the Council might propose solutions to address their concerns about information and transparency. We have seen that in the past, though efforts were made by the GJEPC on these lines, the banks themselves were not forthcoming to share information. We believe that this mindset of the banks has changed. GJEPC has proposed formation of a think tank, consisting of a few leading bankers, a few industry participants, insurers and the government, who can meet and formulate guidelines to frame policies for the sector by the banks. The availability of finance remains a concern, especially to the smaller and medium-sized units, which unfortunately get affected the most by any adverse action taken by the banks in terms of financing the sector. Following the recent banking seminar, has the situation eased with regard to availability of bank finance? Are banks reasonably satisfied with the self-regulatory KYC initiative before disbursing loans? The situation has gone from bad to worse with new and sometimes impractical regulations being applied by the banking sector on the industry. If you keep aside the frauds out of the non-performing assets (NPAs), this industry has minuscule NPAs happening from regular industry activities. We understand that there is a 10% cut on finance that has been extended by the banks to the industry in recent times after the unfortunate incidents. This will affect exports directly. In addition to commissioning MyKYC Bank, we are working with the bankers to explain to them and create the institutional interface between the bankers and the industry, which we hope will take care of the situation. We are also in talks with ECGC for recognising the good work done due to the introduction of MyKYC Bank and restart extending Whole Turnover Policy cover to exporters from the gems and jewellery industry. What according to you are the other selfregulatory measures that the industry members should put into practice? In our industry, where products are not always homogeneous, self-regulation is the key as it takes time to develop an understanding of our products in the sector, procedures or the intricacies of the trade. However, self-regulation should only be used to streamline procedures and make the trade a responsible one. It should not be used to substitute the function of the government, which is enforcement. MyKYC Bank, Common Facility Centre, Special Notified Zone for trading of rough diamonds or the workers health insurance schemes are some examples of how innovative means can be the right way to drive regulation and sustainability in business side by side. We are ready to share our experience with the world to drive value in the business globally as we live today in a very well-connected world. 4
TALKING POINT Indian Industry Going Through A Dynamic Transition I Abhishek Haritwal, Director, Haritsons Designs Pvt. Ltd. t s been a 14-year-long association with IIJS for Haritsons Designs Pvt. Ltd., Jaipur, and each year, the company brings to the table something unique for its customers. Abhishek Haritwal, managing director, says, Our signature line of uncut diamonds and coloured gems speaks of the legacy of Jaipur and its grand craftsmanship with different styles of Mughal artistry. High points are independent art forms like chasing, repousse, engraving, etc which have been given separate display positions at our IIJS salon. We specialise in modern heirlooms, which the current generation craves to team up with contemporary outfits. The price points range from H60,000 to H600,000. Our jewels are interestingly recessionproof as we are able to mould ourselves to the budget of the customer largely because we have strong backend facilities, Haritwal reveals. Uncut diamonds, or polkis, garnished with large coloured stones like emeralds and tourmalines are trending for us. In motifs and craftsmanship, we have referenced the Mughal era for our new collections. According to him the Indian jewellery buying and selling space is going through a dynamic transition, and interestingly, the industry is getting more organised due to government policies and second, he believes that the entry of unconventional jewellery players in the trade like high-end apparel designers, large corporate houses and creative artists are bringing in a new sense of jewellery making and selling. The former are playing high on design, while the latter are asserting their organisational skills and infrastructural presence to create dominance! he notes, adding Contrary to this, a lot of conventional third-generation players are losing their foothold because of their inability to change and the fact that their brand, which was significant earlier, is now not relevant for the new-age Indian consumer! 6 This clearly is redefining jewellery as designcentric luxury and it will be the game-changer for Indian markets, Haritwal asserts. Giving an anecdotal reference, he reveals, To woo the current generation, we have to think of their needs and aspirations. For instance, our past CEO, in her early 30s, wished to spend her savings on a heritage jadau neckline, but only if she could pair it with jeans and skirts as she hardly had occasions that demanded attiring herself in ethnic Indian dresses. Our design team created this unique global Indian piece for her, which went viral on social media. Haritwal has been optimistic about the IIJS this year as his team is excited about testing the new line in terms of acceptability and most importantly, prices. We are grateful to our associates at IIJS who have believed in our designs and concepts and supported us in taking it forward to their customer base. When asked about the status of the company s museum in Sitapura, Haritwal revealed: Ever since we moved to our new headquarters The Haritsons Manor at Sitapura, Jaipur, I have been working on the collectables gallery which would be called The Muse of the Manor! But due to time constraints, my passion has been put on hold. But by the year-end we will open it. I am particularly excited about the wide array of jewelled clocks from the size of a mantlepiece to the ones as small as cufflinks that I could collect and would be the pride of the gallery. It would also have a prominent writing accessory/desk collection of about 200 odd jewelled pieces. The era it especially represents is Jaipur of the 1920s when the monarchy and the British co-existed in terms of style, luxury and grandeur!
DESIGN CORNER Adore Weaves Stories In Silver A dore is a recognised manufacturer, exporter, retailer and wholesaler of exclusive designer collection of jewellery items since 2003. Founded by Sandeep Jain and Sunayana Jain, the brand offers beaded chains, gem-studded silver jewellery and an array of accessories, employing cutting-edge technology and sophisticated tools to bring perfection in their creations. Sunayana Jain, creative head of Adore, says, The ethnic touch that we lend to our collections showcases our traditions and culture. The unique gem cuts and surface finishes add a contemporary slant to it, adding, IIJS has always proved to be a huge market for India for gold and diamond jewellery. This show has provided the platform to get associated with the domestic as well as international market. As we primarily deal in silver handmade jewellery, I am expecting this show will prove to be a great success for us. Adore is showcasing a new range of fusion tribal jewellery, jadau artefacts with different themes of colours where each stone, piece, shade has a story associated with it. We are presenting various styles of silver weaving in the creations to make each piece unique in its own right. We provide customisation options to our customers, and try to maintain the trust and confidence of our clients by adhering to business ethics and honesty in all our dealings. Apart from a strong domestic market, Adore sells in Europe and the USA. Sunayana Jain, co-founder and head designer, Adore CRAFTS CORNER GJSCI Reviving Ancient Jewellery Crafts T he GJEPC and the Gem & Jewellery Skill Council of India (GJSCI) are promoting three indigenous jewellery making techniques Hupari Payal, Tarakasi and Thewa in Hall 6 at the IIJS. The dedicated booth features live demonstrations by artisans as well as some finished pieces. GJSCI is working towards creating a sustainable ecosystem for the craft sector so that artisans are valued and respected for their skills and they become active stakeholders and beneficiaries of the larger wealth creation process. The town of Hupri in Kolhapur, Maharashtra, is famous for its silver payals (anklets). GJSCI is working on facilitating the GI tagging of Hupari payals, and is supporting artisans by developing new products through the introduction of fresh designs. Tarakasi is a type of intricate silver filigree work from Cuttack, Odisha. This art form is more than 500 years old and is traditionally practised by local, highly skilled artisans on the eastern shores of Odisha. Thewa is a special art form of jewellery, which involves fusing of intricately worked sheets of 23-karat gold on multi-coloured and specially processed molten glass. The 400-year-old art evolved in Pratapgarh district of Rajasthan and has received the Geographical Indications (GI) tag. Tarakasi 8 Thewa Hupari